Cosmos is a scalable ecosystem of connected blockchains, which supports creation of its own additional connected blockchains, as well as connecting the already existing blockchains using the special inter-blockchain communication protocol. Cosmos allows creating public blockchains, in which the consensus would be provided by decentralized community, so that the transaction verification doesn’t require computing powers from those who uses such a blockchain.
Cosmos connects different blockchains by the use of IBC (Inter-Blockchain Communication), a TCP/IP-like protocol for messaging between independent blockchains. The connected blockchains may be created within the Cosmos ecosystem, or should support decentralized computing (smart constracts) and cryptocurrency tokens. After a smart contract and the Cosmos’ ATOM token are implemented in the blockchain in question, it can operate within the Cosmos network.
Cosmos utilizes the Tendermint Byzantine Fault-Tolerant consensus protocol, which in practice is a variety of delegated proof of stake, which allows asynchronous staking in parallel blockchains and larger number of delegates that are voted for.
Cosmos was created by Tendermint, after a successful $9 million funding round from venture firm Paradigm. The first instance (‘hub’) of the network was launched on March 13, 2019.
- cosmos.network, Cosmos official website.
- Cosmos Blog, comparison of consenses.